Jana Galan – Bank of America Merrill Lynch: This is Jana for Jeff Spector. I was curious Ray, in your expectations for 2013 guidance what are you thinking about same store NOI growth for the MOB portfolio and the triple-net portfolio?

Raymond J. Lewis – President: For the MOB portfolio it will be plus or minus 3% and then in the triple-net portfolio 2% to 3%.

Jana Galan – Bank of America Merrill Lynch: It looks like you have some MOB leases rolling over, I was just curious, if you could provide an update on those?

Raymond J. Lewis – President: Yes. If you look in the supplemental at our lease maturity schedule and you look at what we got coming up in 2013, it’s about 11% of the total MOB rent which is pretty consistent with historical levels there. So it’s just normal ordinary course.

Kindred Lease Renewals

Michael Carroll – RBC Capital Markets: Now that your Kindred 2013 expirations are done, congratulations on that by the way, when does the next pool of Kindred leases expire and when do you expect to approach them about a potential renewal?

Debra A. Cafaro – Chairman and CEO: We are very pleased with our efforts to re-lease the 2013s as we expected. Those transitions as Ray said have begun and will be continued and we expect to complete that process for the 2013s in the coming months. The next pool of assets that are subject to renewal would be in mid-2015.

Michael Carroll – RBC Capital Markets: So when do you typically approach the tenants about a renewal or when does those discussion start?

Debra A. Cafaro – Chairman and CEO: The important point to remember about the Kindred master leases is that, those master leases and the structure of the master leases is set up to protect Ventas. Relative to the 2015, Kindred has five year renewal options and that option would have to be exercised no later than April of 2014. If Kindred chooses to renew the leases would carry on at an escalated basis starting in 2015 and if they do not, then of course our team will get back to work and re-lease those assets as we are doing right now for the 2013.

Michael Carroll – RBC Capital Markets: Then with your Skilled Nursing Facility coverage ratios down to 1.7 times right now, where do you or do you have a sense for those ratios will stabilize after the mitigation efforts are fully reflected in the coverage ratios.

Debra A. Cafaro – Chairman and CEO: As you know this quarter in the supplemental represents the first quarter where the trailing 12-month fully reflects the last of the RUGs 4 revenues that the nursing home operators got in the prior calendar year. So this is a level where at least relative to prior sequestration or prior any other changes we think is a stable level of EBITDAR coverage at the 1.7.

Michael Carroll – RBC Capital Markets: So you think this going forward next quarter or the next few quarters once the mitigation efforts are begin to be fully reflected in occupancy too much improvement from the 1.7 mark?

Debra A. Cafaro – Chairman and CEO: That will depend again on what changes positive or negative you see in the forward reimbursement environment and what the cost structure of the operators is and how those inter-relate with each other. But we think this is a relatively stable level for the time being.